A Game Changer for Cash Buyers

Almost every day I hear of another change in the mortgage industry.  Far too often, these changes are initiated to fine tune the already super strict guidelines to prevent any further turbulence.  When drastic changes are made it often has the reverse effect causing many potential buyers and investors from not obtaining financing either because they still do not quality with the stricter standards or they are still so gun shy they just remain on the fence.  It is not uncommon to hear the strict guidelines are the reason for buyers who still want to remain in the game are foregoing a traditional mortgages altogether and are becoming cash buyers.

Today, cash buyers make up one third of all buyers in the marketplace.  Last month, Fannie Mae woke up, smelled the coffee and had a very BIG reality check.  I'm positive their recent reality check came to fruition because they realized they're missing out on potential business due to the growing cash buyer pool.  Fannie Mae's most recent update is a game changer for buyers who make or have made all cash purchases.  The Fannie Mae's change now waives the six month ownership or waiting period allowing for owners to tap into their investment much sooner than before.  The update now allows a buyer who ditched the traditional mortgage method and opted for cash purchase to now take cash out of their property via an equity loan anytime after the purchase, rather than waiting for six months to pass.

Now a buyer can purchase in cash, immediately turn around take equity out to improve the property, place it back on the market again and sell.  

• Will this create a new breed of investors and/or home flippers?  
• Is this creative thinking on behalf of Fannie Mae? 

Ponder this.... an investor pays for a property in cash, takes out an equity loan to improve the property, a few months later the investor places the updated home back on the market, a buyer who needs a traditional method of financing to purchase makes an offer and buys the house.  

I believe this recent update is great news for both investors who don't want to spend their reserves on updates and the owner occupied buyer who doesn't have the means or desire to purchase a home that isn't move in ready.

  

National Ice Cream Month: Planet Yogurt Review

When temperatures hoover between the high 90's and mid 100's, I instantly have visions of something chilly.  Yesterday after a trip to the office supply store in the Triangle during the hottest part of the day, I was in desperate need of a cool treat.  Directly across from the office supply store in the Triangle sits a yogurt shop, Planet Yogurt.  I had frequented several months ago with my colleagues and recalled I enjoyed the initial experience and wanted swing in for another treat.  When you enter, Planet Yogurt, you are greeted with six dual yogurt self serve machines (photo left) and yes it was had to decide upon flavors.

After the task if dispensing your desired flavors is complete, your next challenge is to choose which toppings, if any, you'd like to add.  The options were endless and ranged from:  granola, nuts, brownies, cheesecake, cookies, candy bars, fresh fruit and various types of syrups.  I opted to proceed with the all-natural route and just enjoy my three flavors:

Irish Mint (nonfat) - I'm not a huge fan, but I'm a big Irish fan so I couldn't pass up this opportunity.  It reminded me of spearmint gum.  Not my favorite, but one I'm sure my husband would LOVE.

Angel Food Cake (nonfat) - It was light and airy leaving a lingering sweet butter taste.  It was so yummy it kept me coming back

Cake Batter (low fat) - The only way to describe this flavor is to close your eyes and imagine the homemade buttermilk my grandmother used to make.  It was DELISHious!  

After you've created your concoction you move on down the bar to the cashier, place your cup a scale to determine how much you owe ($.39 per ounce) then enjoy!  The cost for my creations was $3.39, not too shabby for a sizable treat!  The flavors at Planet Yogurt rotate weekly... so if you want to snatch up a bowl of any of the three flavors I enjoyed be sure to make a trip soon.

You can check out Planet Yogurt at one of their three Austin locations:  Triangle, Hill Country Galleria, Domain 2.   

National Ice Cream Month

National Ice Cream Month

Besides my birth month, December, and March because of St. Patrick's Day, I do believe July is one of the better months of the year.  In Texas, it is way hotter than it should ever be... but July is National Ice Cream Month.  In 1984, Ronald Reagan appointed the third Sunday in July as National Ice Cream Day - National Ice Cream Day for 2011 is July 17.  

Be sure to check out these local ice cream hot spots during the month of July:

Amy's Ice Cream has various locations across town and the fan favorite is Mexican Vanilla.  Take a few minutes to swing in to determine if you agree.

Yogurt Planet has locations in the Hill Country Galleria, Domain and Triangle.  Think yogurt bar with endless possibilities on toppings with pricing depending on the final weight of your concoction.

Pick up a serving of gelato after an Italian feast is a must at Mandola's Italian Market.  Visit one of their three Austin locations - Bee Cave, Arbor Trails or the Triangle.

You wouldn't think of jetting to a grocery store to indulge in gelato, but Central Market (both central and south locations) have some of the best... and at times exotic, delicious flavors.



I hope you'll come back often to check out a few ice cream, gelato, sorbet recipes I'll be delivering throughout the month.  The first recipe is for Olive Oil Gelato.

2011 Austin City Limits Music Festival Line Up

Have you heard about the Austin City Limits Music Festival?  I sure hope so because it is been an iconic fall event held at Zilker Park in Austin, Texas for the past nine years.  Here is a peek of how many music fans show up for such the 2010 ACL event.

Austin City Limits Music Festival 2010

Have you snatched up ACL Music Festival tickets yet?  Have you decided which bands you'll check out?  With the festival just a few months away, there is both good and bad news...the 3 Day Passes have all be accounted for, but 1 Day Passes are still available for Sunday.  Check out the ACL 2011 Website to pick up one or six while they still are available or check out the line up.  Thanks to Independence Title, a local home grown title company, for putting together this piece together.  Be sure to scan the QR code below for your appropriate mobile device to install the ACL App to have the festival calendar at your fingertips.

aclfestival.com

Austin Texas - Bike to Work Week Celebration

It is not to late to take advantage of Bike to Work Week and if you want to pedal your way from destination to destination.  If you've decided to ditch your automobile and will be cycling around Austin this week, download the FREE CycleTracks app on your iPhone or Android device.

CycleTracks chose Austin as a test city due to its strong cycling culture.  The FREE app tracks cyclists preferred navigation around town and data will be utilized to enhance cyclist experience throughout the city.

Be sure to read the user instructions before you start using the tool.

Check the three dozen locations offering FREE Breakfast this Friday to celebrate Bike to Work Week!

                                                     

                                           

The Old Travis House Building in Central Austin - An Eye-Sore No More?

In order to avoid rush hour traffic on MoPac, I often travel southbound on Guadalupe and take in some of Central Austin's scenery - The Drag, the old Dog and Duck Pub, the Travis House and to get a glimpse of Downtown Austin.  As I've made this my preferred route home, I've often wondered why this building has sat un-occupied for so long (see photo).

photo courtesy of Mike Wachs

The Travis House has been reported to have been over the course of it's lifetime

• originally opened as a 30 unit apartment building in 1945
• became one of Austin's first air-conditioned hotels in the late 40's
• was purchased by the YMCA in the mid-50's for women's housing
• jumping to the mid 90's, it was purchased by the Travis County Justice System as a half-way house for ex-offenders (that idea wasn't popular with UT or the locals)
• several fires have been fought since it's been vacant (since the late 90's)

Recently, I've noticed recently that something is going on at old Travis House building located on the southwest corner of 18th and Guadalupe.  Today when I passed, I snapped the photo below.  

photo courtesy of Jennifer Archambeault

Now it makes me wonder what all the commotion is all about... who's going to occupy this prime piece of real estate?  Will it be a parking garage, a new office complex or another housing development (condo/apartment)?  

Five New Truths about Home Appraisals

I'm often asked by seller clients, "what do you think my home is worth?'  My response is always, "I'm not 100% sure and here is why...."  

Several years ago, appraisers will running around like crazy fools creating fictitious values in order to make the buyer, lender and seller happy.  That short spurt of chaos ended in 2009 with the roll out of HVCC, a code of conduct that appraisers and lenders must adhere to in order to remain in business.  The adoption of such policies has spurred lenders and appraisers to dot their "i's" and cross their "t's" making it quite difficult for a real estate professional to scour through recently sold and pending data to determine the approximate value a home should sell for and ensure the determined value stays in tact from just listed until the appraisal is returned.  

Cindy Schwalb, a freelance columnist, who frequently writes for AOL Money and Finance confirms what I tell every seller client, "before trying to establish a list price or market the home with some random value we aren't 100% sure is attainable, I recommend hiring an appraiser to help us determine value which ensures we are not blind sided in the future," with her October 2010 Home Appraisals: 5 New Truths write up in the AOL Real Estate section.  

After all, a small up-front out of pocket expense, such as an appraisal, can aide in providing a little extra peace of mind and derail the possibilities of unnecessary future turbulent when it comes to assessing your homes value by today's appraisal standards.

Shady Hollow Spring 2011 Yard Sale

In an effort to nudge you spring cleaning, Shady Hollow is having their annual....

Saturday, May 7th

starting at 8 a.m. until lasting until noon

throughout the Shady Hollow community

This is going to be a biggie!!!! There will be ads placed in both the Austin American Statesman and on Craig's List and signs will be placed along Brodie Lane. If you are interested in participating, be sure to contact Mitzi Anderson.  In the subject line enter:  Shady Hollow Yard Sale and make sure she has the your preferred email address and the address where you live (where your sale will be happening)

She will be coordinating two very large tasks and will provide you with information about the following:

• She will be creating a yard sale map so potential buyers can find all the yard sale homes within the community.  If she doesn't have your email address and your address, your information will not be added to the community yard sale map, nor could she provide you with a map to print to pass along to shoppers.
• She will also be coordinating a donation from The Salvation Army or St. Vincent de Paul after the sale for any items that haven't sold.  If you should know of another organization that is in need of household items and would be interested in picking them up directly from homeowners after the sale is over - pass along the information.  

Now that you know the drill.... stop ready and start de-cluttering, but don't forget to send Mitzi and email to get your home on the map.

Shady Hollow HOA Basketball Tournament

The Shady Hollow Park Committee is hosting their First Annual HOA Basketball 3 on 3 Tournament on April 30th starting at 10 a.m.  Dust off the basketball and make sure you shoot a few hoops before the big day because you know all your neighbors will be watching.

Tournament Rules

• any Shady Hollow resident is invited, but all entrants must be a member of the association (sorry non-residents of Shady Hollow... if you move here before next years tournament feel free to fill out a a registration package).
• there will be a boy and a girl team for each age group
• be sure to come up with a catchy team name
• your team registration package must be returned to the Shady Hollow HOA office by April 20th to be entered into the tournament.

The association is looking for adult volunteers to keep time, referee, maintain brackets for each age group, help with concessions and assist with set up and break down before and after the event.  

For more details, questions about how the tournament will be organized and packet pick up and drop off visit the Shady Hollow HOA office located at 3303 Doe Run, Austin Texas 78748.

2010 - 2011 Remodeling Cost vs Value Report for Austin Texas

Every year the National Association of Realtors, in cooperation with Remodeling Magazine produces the average costs recouped for the Top 35 Home Remodeling Projects.  What is great about this report is it's sorted by region, based on material costs.  Before you tackle any home improvement projects this year, make sure you review the Cost vs. Value 2010 - 2011 Report to make sure you get the most bang for your buck.

For those curious minds who will want to how does this years report compare to previous years reports.  Take a peek at the 2009 - 2010 Cost vs Value Report or the 2008 - 2009 Cost vs. Value Report.

Bauerle Ranch - March 2011 Market Update

  

Bauerle Ranch is a hidden gem located just ten miles south of downtown Austin.  The community sprawls over 300 acres of green space, is nearby several shopping and restaurant hot spots and is a wonderful place to call home. 

As I write this post, there

• are 15 homes currently available for sale, with an average asking price of $239,880. The average square footage for these homes is 2,269, for an average price per square foot of $107.17.
• are 3 homes under contract, with an average listing price of $214,333. The average square footage for these homes is 2,028, for an average price per square foot of $105.78.
• were 6 homes sold in the month of March 2011. The average listing price was $224,666 and the average sales price was $219,300. This means that homes sold for 97.6% of their list price. This number does not account for any seller-paid closing costs, nor does it include any price reductions.
• The average number of days on the market for homes that sold in March 2011 was 66.

To search available Bauerle Ranch homes visit my Austin Real Estate Interactive Property Map.

In order to gain a better understanding of what your Bauerle Ranch home is worth Contact Me on my Austin Real Estate website. In order to obtain an accurate estimate on what your home is worth - it is best to speak with a local real estate agent to ensure your comparison is based on apples to apples, not apples to oranges (i.e. one story homes within the same square footage should be compared to other one story homes within the same square footage, not compared to two story homes with much more or less square footage).

To obtain an accurate estimate on what your home is worth visit my Austin Texas Real Estate website.

Sawyer Ranch - March 2011 Market Update

Sawyer Ranch is a small upscale custom home community just 25 minutes west of Austin.  The community is made up of custom homes placed on one acre or larger sized lots and sprawls over 280 rolling acres, has amazing hill country views, jaw dropping sunsets and is abundant with wildlife.
As I write this post, there

• are 36 homes currently available for sale, with an average asking price of $339,704. The average square footage for these homes is 3,085, for an average price per square foot of $110.50.
• are 11 homes under contract, with an average listing price of $294,393. The average square footage for these homes is 2,725, for an average price per square foot of $107.67.
• were 7 homes sold in the month of March 2011. The average listing price was $333,004 and the average sales price was $319,429. This means that homes sold for 95.9% of their list price. This number does not account for any seller-paid closing costs, nor does it include any price reductions.
• The average number of days on the market for homes that sold in March 2011 was 155.

To search available Belterra homes visit my Austin Real Estate Interactive Property Map.

In order to gain a better understanding of what your Belterra home is worth  Contact Me on my Austin Real Estate website. In order to obtain an accurate estimate on what your home is worth - it is best to speak with a local real estate agent to ensure your comparison is based on apples to apples, not apples to oranges (i.e. one story homes within the same square footage should be compared to other one story homes within the same square footage, not compared to two story homes with much more or less square footage).

To obtain an accurate estimate on what your home is worth visit my  Austin Texas Real Estate Website.

Now is a Good Time to Pounce.... on a Vacation Home!

According to CNN Money, it is now a good time to purchase a vacation home.  Before starting your search here are five topics to consider before your next vacation property purchase.

• Do you know if it is a good time to buy?
• Is the property rentable? 
• Do you need to count on the rental income to pay the monthly note?
• Have you contacted your local lender about your qualifying interest rate?
• Have you checked into the tax benefits?

To learn more about these topis, take a peek at the CNN Money article titled, "5 Things to Know about Buying a Vacation Home." 


Are you interested in finding a vacation property in the Austin area?  If so, be sure to visit my interactive property map to start your vacation home search or if you are looking for a property management company who specializes in vacation properties, consider a home grown Austin company, Home Away.

Belterra - March 2011 Market Update

Belterra is a master planned community sprawled over 1,600 acres of Texas Hill County.  Within the community you’ll find a dozen parks with no two the same, maintained paths that crisscross through the entire community connecting each neighborhood and many other desirable amenities that will want you to call Belterra call home.

As I write this post, there

• are 36 homes currently available for sale, with an average asking price of $339,704. The average square footage for these homes is 3,085, for an average price per square foot of $110.50.
• are 11 homes under contract, with an average listing price of $294,393. The average square footage for these homes is 2,725, for an average price per square foot of $107.67.
• were 7 homes sold in the month of March 2011. The average listing price was $333,004 and the average sales price was $319,429. This means that homes sold for 95.9% of their list price. This number does not account for any seller-paid closing costs, nor does it include any price reductions.
• The average number of days on the market for homes that sold in March 2011 was 155.

To search available Belterra homes visit my Austin Real Estate Interactive Property Map.

In order to gain a better understanding of what your Belterra home is worth Contact Me on my Austin Real Estate website. In order to obtain an accurate estimate on what your home is worth - it is best to speak with a local real estate agent to ensure your comparison is based on apples to apples, not apples to oranges (i.e. one story homes within the same square footage should be compared to other one story homes within the same square footage, not compared to two story homes with much more or less square footage).

To obtain an accurate estimate on what your home is worth visit my Austin Texas Real Estate Website.

Circle C Ranch - March 2011 Market Update

Circle C Ranch is the most recognized master planned community in Southwest Austin and is made up with 10 smaller subdivisions. As a resident of Circle C Ranch, I keep a close eye on real estate values and follow trends for the area as this stuff affects me too!


As I write this post, there

• are 47 homes currently available for sale, with an average asking price of $336,013. The average square footage for these homes is 2,525, for an average price per square foot of $122.22.
• are 33 homes under contract, with an average listing price of $298,000. The average square footage for these homes is 2,835, for an average price per square foot of $117.98.
• were 11 homes sold in the month of March 2011. The average listing price was $313,151 and the average sales price was $304,322. This means that homes sold for 97.1% of their list price. This number does not account for any seller-paid closing costs, nor does it include any price reductions.
• The average number of days on the market for homes that sold in March 2011 was 93.

To search available Circle C Ranch homes visit my Austin Real Estate Interactive Property Map.


In order to gain a better understanding of what your Circle C Ranch home is worth Contact Me on my Austin Real Estate website.  To obtain a general estimate scroll further down to view the average information below based on your specific Circle C Ranch neighborhood. Keep in mind, these are neighborhood averages. In order to obtain an accurate estimate on what your home is worth - it is best to speak with a local real estate agent to ensure your comparison is based on apples to apples, not apples to oranges (i.e. one story homes within the same square footage should be compared to other one story homes within the same square footage, not compared to two story homes with much more or less square footage).




Circle C Ranch - Alta Mira

• There are 3 homes currently available for sale, with an asking price of $364,267. The average square footage for these homes is 2,953, for an average price per square foot of $123.50.
• There are 5 homes currently under contract, with an average listing price of $374,450.  The average square footage for these homes is 2,922, for an average price per square foot of $128.50.
• There were no homes sold in the month of March 2011.

Circle C Ranch - Original Circle C

• There are 17 homes currently available for sale, with an average asking price of $322,114. The average square footage for these homes is 2,984, for an average price per square foot of $108.59.
• There are 9 homes under contract, with an average listing price of $303,077. The average square footage for these homes is 3,036, for an average price per square foot of $101.60.
• There were 3 homes sold in the month  of March 2011. The average listing price was $297,133 and the average sales price was $282,106. This means that homes sold for 94.9% of their list price. This number does not account for any seller-paid closing costs, nor does it include any price reductions.
• The average number of days on the market for homes that sold in March 2011 was 116.

Circle C Ranch - Hielscher/West

• There are 9 homes currently available for sale, with an average asking price of $408,861. The average square footage for these homes is 3,388, for an average price per square foot of $121.72.
• There are 6 homes under contract, with an average listing price of $406.883. The average square footage for these homes is 3,527, for an average price per square foot of $113.59.
• There were 2 home sold in the month of March 2011. The average listing price was $437,450 and the average sales price was $425,750.  This means that homes sold for 97.3% of their list price. This number does not account for any seller-paid closing costs, nor does it include any price reductions.
• The average number of days on the market for homes that sold in March 2011 was 143.

Circle C Ranch - Lacrosse

• There are 3 homes currently available for sale, with an asking price of $401,785. The square footage for this home is 3,076, for an price per square foot of $132.73.
• There are no homes currently under contract.
• There was 1 home sold in the month of March 2011. Due to the fact multiple sales did not occur, sold data will not be furnished.

Circle C Ranch - North

• There are 5 homes currently available for sale, with an average asking price of $269,880. The average square footage for these homes is 1,887, for an average price per square foot of $132.22.
• There are 7 homes under contract, with an average listing price of $241,528. The average square footage for these homes is 1,854, for an average price per square foot of $134.01.
• There was 1 home sold in the month of March 2011. Due to the fact multiple sales did not occur, sold data will not be furnished.

Circle C Ranch - On the Park

• There are 3 homes currently available for sale, with an average asking price of $460,633. The average square footage for these homes is 4,165, for an average price per square foot of $112.68.
• There are 2 homes under contract, with an average listing price of $340,000.  The average square footage for these homes is 3,141, for an average price per square foot of $108.38.
• There were no homes sold in the month of March 2011.

Circle C Ranch - Park Place

• There are 2 homes currently available for sale, with an average asking price of $309,950.  The average square footage for these homes is 2,474, for an average price per square foot of $127.22.
• There are no homes under contract.
• There were no homes in the month of March 2011.

Circle C Ranch - Park West

• There are 2 homes currently available for sale, with an average asking price of $279,425. The average square footage for these homes is 2,058, for an average price per square foot of $139.58.
• There are 3 homes under contract, with an average listing price of $301,300. The average square footage for these homes is 2,148, for an average price per square foot of $141.32.
• There were 5 homes sold in the month of March 2011.The average listing price was $306,225 and the average sales price was $294,750. This means that homes sold for 96.2% of their list price. This number does not account for any seller-paid closing costs, nor does it include any price reductions.
• The average number of days on the market for homes that sold in March 2011 was 110.

Circle C Ranch - Vintage Place

• There are 2 homes currently available for sale, with an average asking price of $385,750.  The average square footage is 3,674, for a price per square foot of $105.02
• There is 1 home currently under contract and the last known list price was $349,900.  The square footage for this home is $3,572, for a price per square foot of $97.96
• There were no homes sold in the month of March 2011.

Circle C Ranch - Wildflower Park

• There are 2 homes currently available for sale, with an average asking price of $390,950. The average square footage is 2,464, for a price per square foot of $118.48.
• There is 1 home currently under contract and the last known list price was $309,900.  The square footage for this home is 2,485 and the last known price per square foot was $124.71
• There were no homes sold in the month of March 2011.

To obtain an accurate estimate on what your home is worth visit my Austin Texas Real Estate Website.  Or if you want to see how the Circle C Ranch real estate market performed earlier this year check out my previous entries for Circle C Ranch January 2011 Market Update or the Circle C Ranch February 2011 Market Update.